1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the primary revenue account in a merchandising business? Can a merchandising business have a Service Income account? 3. What are the two systems of maintaining inventory? Briefly define each. 4. If you are going to put up a business, what type of business would you wan to establish? Why?

Q: 19-Which of the following will be called as a Merchandising Business? a. Receives a loan from bank…

A: A merchandising business is one of the most common types of businesses. A merchandising is a…

Q: The business needs to record the trade discount in the book of account”. Question Do you agree…

A: Discount means the amount which is not required to be paid or received. Discount is deducted to find…

Q: Are there significant distinctions between conducting adjustment and closing for a service firm and…

A: Service Industry Service industry mainly focus on the providing services to the customers and the…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: Inventory is of great importance to a business.  Explain:     1) why is it important?     2) how is…

A: inventory is of great importance to a business. inventory control systems are important because they…

Q: Explain some of the differences that make merchandising businesses and service businesses different…

A: Answer:-  Merchandising meaning:- The marketing and sale of goods in known as merchandise. It is a…

Q: Write a research on the Income Statement of a Merchandising Company.

A: Merchandising Company In a simple word the word Merchandising which describes as buy the goods and…

Q: Discuss the difference between the multiple-step and single-step forms of the income statement.…

A: The income statement is a financial statement that reports a company's revenues, expenses, and net…

Q: Which of the following would be considered as primarily a merchandising business? Multiple Choice…

A: merchandise business means the business of marketing , selling  of goods .  The correct option with…

Q: 1. Explain how businesses use the Internet to

A: Businesses use the Internet in a variety of ways to improve their purchasing, logistics, and other…

Q: True or False Question 1. a) Inventory is anything purchased by a business.     b) Cost of Goods…

A: In the balance sheet of a company we can see different assets (and liabilities) of a…

Q: 31-Which of the following would normally be classified as a Selling expense of Merchandising…

A: 31. d. Advertising expense

Q: Answer general questions about merchandisers. E5.1 (LO 1), C Mr. Etemadi has prepared the following…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: What inventory systems do you know are used in a buying and selling business?

A: The inventory systems popularly used are the  1) Perpetual inventory system  2) Periodic inventory…

Q: Which option is better for small business owners, computerized or manual accounting system? Why?…

A: Small business owners A small business owners is/are an individual or group of individuals working…

Q: Do you think that the role of Accounting is very important in a Merchandise business? If yes,…

A: SOLUTION- A merchandising business buys goods in finished form for resale to customers. A…

Q: Mr. Ahmed buys goods for producing other goods. Mr. Ahmed is a a. Joint buyer b. Organizational…

A: A person buying the goods for carrying on the business is known as organizational buyer.

Q: Which of the following will be called as a Merchandising Business? a. Receives a loan from bank b.…

A: Merchandising business: A merchandising business is the most common type of business is undertaken…

Q: merchandising business

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Q: Will a store proprietor business can achieve a vast amount of profit?

A: A store proprietor business can not  achieve a vast amount of profit because of the following…

Q: When there is a net profit in a merchandising entity, which of the following accounts may not be…

A: The closing entries are prepared to close the temporary accounts of the business. The temporary…

Q: Required: Do you think that the role of Accounting is very important in a Merchandise business? If…

A: The business that are engaged in the sale of products are known are merchandise business. The main…

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A: Liquidity is a measurement of ability to pay it's short term obligations which are due within one…

Q: Solve all questions Economic enterprises, each for profit and noncommercial, generate revenues…

A: a) Distinguish between packaging slip, a shipping notice and a bill of shipment as follows:

Q: Provide two examples of transactions that affect a service business. Explain b. Provide two…

A: Financial transaction: Any event incurred in the business operation and can be converted into…

Q: Select an organization (or make one up) that markets to other businesses. Discuss how online…

A: With the world at our fingertips, many of us may take for granted how easy it is to buy and receive…

Q: 2. Which financial statement would users find these inventory accounts?

A: As per the guidelines, only one question is allowed to be answered. Please upload different…

Q: Identify and discuss three differences between accounting for service businesses and accounting for…

A: Definition: Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: When operating a business, you will encounter liabilities of different types. For your merchandising…

A: A merchandise business is a type of business that involves buying and selling goods. These…

Q: Is there a significant difference between adjusting and closing for a service firm and a merchandise…

A: Merchandise Company is a company that purchases finely finished goods and commodities and later…

Q: Assume you are proprietor of any firm you like. Briefly describe the products or services your firm…

A: If I am the proprietor of a Rice Mill, which procure the paddy from farmers and process paddy to the…

Q: (True or False?) The income statement for a retailer shows both gross profit and profit.

A: Gross profit = Sales - Cost of goods sold  Net Profit =  Total Revenue - Total Expenses

Q: Noon LLC has business in Adham. The sales manager is not confident about receiving the money and…

A: Sale should be recognized when ownership in the goods has been transferred whether cash has been…

Q: Why do businesses often offer "Sales Discounts" to their customers?

A: Sales Discounts -  Sales Discounts are the discounts given by the company to the customers. This…

Q: or a retail business,which of the following is not part of its operating cycle? A.obtaining capital…

A: The operating cycle refers to the whole process cycle, which begins with the purchasing and ends…

Q: Which of the following will be not be called as Source Document of a Business? a. Debit note raised…

A: Source document contains the information about a transaction like, date, amount, party, etc. Debit…

Q: if you are a business owner, how can finantial analysis help you? (short explanation)

A: The financial analysis is process to evaluate business on the basis of finance related transactions…

Q: Data needed: SCI 1. COGS 38.6% 2. Selling and admin exp 6.8% 3. Interest exp 0.1% 4. Income tax exp…

A: Cost of goods sold forms the highest part. It can be demonstrated in the following pie chart